Category: Accounting
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Sample Work Plan for tax preparation
This is the beginning of another tax season and I notice already that some independent preparers are struggling with the increasingly messy topic of client communications. As part of my coaching certification program I am now working with more tax accountants on helping them build their business. So this topic came up a few times…
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Audits are expensive, even for small charities!
Update for 2022: Our State of New Jersey recently raised the minimum size requirement for nonprofit audits to $1,000,000 gross receipts. These bullet point comments are meant to introduce the topic of costs associated with financial statement audits of small charities. Financial statement audits are not the only type of audit undertaken by small charities…
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“My accountant disappeared”
Preface: For years industry observers have warned about the aging of existing CPA professionals, the growing portion that were working beyond intended retirement age, the mass exodus of middle level producers at larger firms, and the lack of younger accountants coming into the public accounting industry. Yet none of that predicted the accounting industry crisis…
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My web site updated for 2022
Last night and this morning I reviewed, edited and updated all of the 46 pages on my web site. This does not include the blog posts section that total about 2,000, compiled from various sources since the middle 1990s. But it does include details to address the causes of business model failures we incurred this…
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How bad tax advice tripped millions of investors
“Good tax advice may appear to be expensive, but it’s not as costly as blowing up your IRA” -WSJ What’s the easiest way to lose half of your retirement assets to IRS taxes and penalties? Follow the most popular social media tax and investment advice. Investors who lose tax court cases find that cultural norms…
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Avoiding SALT tax deduction limitation
Yesterday a financial advice column in NJ.com carried a Q&A from a guy who contemplated leaving New Jersey and moving to Florida because he could not deduct all of his state and local taxes. The post went methodically through all the pros and cons and associated calculations of the question posed. But it missed the…
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Reflections on 2021 business
As we wind down this year, I can say unequivocally that I’ve learned more during this period than any other time of my life. Financial results – I had the lowest gross income of my 40 year career, yet made big progress in paying off all consumer debt, improving my credit score (that was dinged…
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Which version of QuickBooks for 2022
Self employed version not endorsed In general, we work with and endorse any of the online QuickBooks versions except the self-employed version. That’s a shame because the self-employed version is the most affordable, ranging from $5 to $15 per month depending on your sign-up promotion. You may use this version and find it perfect for…
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What to do when we find fraud
Accountants are trained to detect fraud. We are not taught what to do when we find it. Peer coaching can help. Accountants are trained to be aware of the possibility of fraud even if we are not looking for it. Some, including CPAs and forensic accountants, are trained in the skills required to detect it.…
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Millville CPA Announces $50,000 in Free Accounting Support to Community
Tony Novak CPA is pleased to announce exciting changes to nonprofit and micro-business accounting services for 2022. We all know that 2021 was a year that triggered us to reevaluate our internal business practices and adapt to cope with the new realities of the business world. This past year our firm was overwhelmed with the…